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Ponzi scheme fraud sentenced to prison

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A Milton man was sentenced to 17 years in federal prison for orchestrating a Ponzi scheme through his securities company and for defrauding customers of millions of dollars, according to a statement from US Attorney Carmen M. Ortiz. Arnett L. Waters, 63, pleaded guilty to two counts of criminal contempt on Oct. 2, 2012. On Nov. 29, he also pleaded guilty to seven counts of securities fraud, six counts of mail fraud, two counts of money laundering, and one count of obstruction of justice, according to the statement. US District Judge Denise J. Casper sentenced Waters to the 17 years in prison, plus three years of supervised release and $9 million in restitution.

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